Lawmakers eye credit assistance for struggling businesses

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Lawmakers are working on a $60 million plan to provide credit assistance to businesses hurt by the coronavirus pandemic.

The Senate banking on Friday recommended a proposal redirecting idle money from a loan program established more than a decade ago to help build new housing during the great recession.

The proposal would take money the Legislature allocated for the program in 2008 and use it to offer low-interest loans to struggling businesses.

The housing program has only been used about a dozen times since 2008 and there are no outstanding loans, which gives the Legislature a pot of money . . .

SSJ

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